Economics & Industry

Reagan Ends Domestic Petroleum Price Controls

Ronald Reagan lifted remaining controls on domestic petroleum prices and allocation, facilitating the end of the 1979 energy crisis. This significant policy shift allowed market forces to dictate prices, leading to fluctuations in gas prices and contributing to the onset of an oil glut in the early 1980s. The deregulation was part of Reagan's broader economic strategy aimed at stimulating growth and addressing the energy shortages experienced in the previous years.

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